Hi everyone! Welcome to this weeks post on Bit Education. Every day I’ll be sending out a quick, education-packed newsletter containing:

• Either an article about either blockchain technology or cryptocurrency

• Articles or posts that I think would be useful to your learning

• A though provoking excerpt from a book I’m reading

These are informative posts, meaning there will be certain spots where you might not be familiar with the content. I suggest that you do external reading from the links that I will at the end of each post.

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Contents

• Joe Biden Opposes Crypto-Traders

• BRC-20 Tokens Gain Momentum!

• Two Maori Entrepreneurs Aim To Protect Crypto-Assets

How to best use this post.T

1. Take notes while you read the post. I challenge you to discuss the ideas outside the newsletter with friends and family.

2. Read the extra links provided, and apply the information from those posts to come to your own conclusion.

3. Truly digest the book quote. Reflect on how it can apply to your life.

Joe Biden Opposes Crypto-Traders

US President Joe Biden has expressed opposition to a debt ceiling agreement with Republican leaders that would allegedly benefit crypto traders.

“I'm not going to agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistance for nearly 1 million Americans”

According to the Washington post there is an ongoing discussion between the White house and republican leaders about blocking the tax-loss harvesting mechanism for cryptocurrency transaction

Crypto tax-loss harvesting is a strategy investors use to reduce their overall tax liabilities, by selling a cryptocurrency at a loss traders are able to offset capital gains from crypto profits.

BRC-20 Tokens Gain Momentum!

BRC-20, or Bitcoin Request for Comment 20 is a token that takes inspiration from Ethereum’s ERC-20. Introduced in March 2023, has gained momentum in recent weeks.

BRC-20 tokens use JSON ordinal inscriptions to initiate token contracts. The token transactions are simply smart contracts with less functionality (yet to be developed). Limited to only minting, deploying and transferring tokens.

As of Sunday, May 21, 2023, 8.3 million ordinal inscriptions have been added to the Bitcoin blockchain. With 24,677 BRC-20 tokens amassing a market capitalisation of $483 million.

Two Maori Entrepreneurs Aim To Protect Crypto-Assets

Two Maori entrepreneurs that founded the successful NFT project Titan Tiki, launched a startup that could prevent millions of dollars of cryptocurrency being lost.

The launch of Everlasting follows a series of high profile cases where individuals account holdings of up to $2billion in crypto assets have been lost.

The company’s business model was designed by a team of lawyers. The company works together with estate lawyers who hold a that ensures the protection of assets if the private keys are lost or the owner dies because the company also owns a key

According to the IRD figures around 10% of NZ population own cryptocurrency assets totalling $1 billion.

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